Bill Miller Portfolio

Miller Value Partners Holdings

Bill Miller’s portfolio emphasizes value-oriented, higher-conviction investment ideas across a mix of media, financial services, consumer, and market-leveraged strategies. The top five stocks and funds highlighted below reflect a preference for turning points, cyclical rebounds, and targeted exposure through both individual stocks and a leveraged S&P 500 vehicle.
1. Nabors Industries Ltd — investment in an energy-services provider tied to drilling activity cycles; a portfolio holding that can benefit from improving commodity demand and capital spending.
2. Gray Television, Inc. — media investment focused on broadcast television; positioned for potential recovery driven by advertising demand, cost discipline, and restructuring opportunities.
3. Lincoln National Corp. — financial services stock within life and retirement insurance; investment thesis often centers on balance-sheet strength, earnings durability, and interest-rate or underwriting normalization.
4. Bloomin Brands Inc — consumer/restaurant investment aimed at operational turnaround potential, with upside tied to same-store sales improvement and margin expansion.
5. Direxion Shares ETF Trust - Direxion Daily S&P 500 Bull 2X Shares — leveraged ETF for tactical exposure to broad-market upside; used as a portfolio tool for amplified gains during bullish S&P 500 periods (with higher risk and volatility).